3rd Oct 2016 08:01
LONDON (Alliance News) - Audio on-demand platform operator Audioboom Group PLC on Monday said it remains in talks to secure a strategic investment from a Chinese fund, but said no agreement has been reached within the originally-envisaged time frame.
In early August, Audioboom said it was in talks with an unnamed Chinese fund for a strategic investment of up to USD8.0 million in the business, which would be used to accelerate its growth. The investment would be conditional on Audioboom accepting a USD500,000 loan from the investor, after which the fund would subscribe for Audioboom shares at not less than 2.5 pence per share.
Audioboom said at the time it expected the investment would be agreed by the end of September.
Audioboom said Monday no formal agreement had been reached in that time frame, but said the discussions remain "active" and it will provide a further update in due course.
Audioboom shares were down 5.0% at 2.37 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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